(Reuters) -Take-Two Interactive Software on Wednesday forecast third-quarter net bookings below market expectations, hurt by a slowdown in spending on the company’s gaming titles such as “Grand Theft Auto” and “Red Dead Redemption”.
The company expects net bookings in the range of $1.30 billion to $1.35 billion, compared with estimates of $1.44 billion, according to LSEG data.
The weak forecast contrasts with strong performances from companies such as Electronic Arts and Roblox that benefited from higher spending.
However, investors remain optimistic about the launch of Take-Two’s “Grand Theft Auto VI”, the latest installment in the franchise.
The trailer for “Grand Theft Auto VI”, which will be released in early December, comes more than a decade after the launch of the last title in the franchise and will coincide with the 25th anniversary of Rockstar Games, the Take-Two division behind the game.
On an adjusted basis, Take-Two earned $1.22 per share in the second quarter, compared with estimates of $1.03.
The company’s shares rose about 2.5% in extended trading.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Shounak Dasgupta)
